# Science:Math Exam Resources/Courses/MATH105/April 2010/Question 05 (c)

MATH105 April 2010
Other MATH105 Exams

### Question 05 (c)

A person purchased a home at the price of \$ 300,000, paid a down payment equal to 20% of the purchase price, and financed the remaining balance with a 25 year term mortgage. Assume that the person makes payments continuously at a constant annual rate ${\displaystyle A}$ and that the interest is compounded continuously at the rate of 5%.

Determine the total interest paid during the 25 year term mortgage.

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